The group needs to rustle up Rs 5,000 crore in cash and an equal amount in bank guarantees for bail.
Heads have started rolling in Uttar Pradesh after a stern view by the Supreme Court on demolition drive by the Lucknow Development Authority at the Sahara Saher, with the state government removing Principal Secretary, Housing and Urban Development Department, Harminder Raj Singh from his position.
According to sources in the Excise department, the Sahara Airlines, while submitting opinion of its Chartered Accountant on service tax, had allegedly backdated it to 2003 in which it was stated that Rs 1442 crore (Rs 14.42 billion) income from advertising services provided to its group company was not taxable under advertising services.
Besides Roy, two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, were also arrested for the failure of two group companies.
Senior advocate C A Sundaram, appearing for Roy, submitted that his client has some business overseas and he is needed there.
Severe jolt to Sahara Group, strict scrutiny of mining activities and scrapping of licences for 2G spectrum dominated the corporate legal battle in 2012 in the Supreme Court which gave a decisive victory to telecom major Vodafone in a Rs 11,000 crore tax case.
As Sahara group chief Subrata Roy was arrested this morning amid high drama, son Seemanto said his father "wilfully submitted" before the Lucknow police.
It may be long overdue, but consolidation in the media sector will happen very slowly and painfully.
The Queen's Baton might have traversed 170,000 Km across the globe without raising a speck of dust, but a barely 24 hour halt in Lucknow propelled the prestigious Commonwealth Games symbol into the thick of a controversy with none other than the Sahara India group in the eye of the storm.
The hearing was adjourned to March 25.
Force India, who finished sixth overall last year but whose owners have had financial troubles, missed the first test in Jerez.
Subrata Roy is in jail since March last year.
Jailed chief of Sahara conglomerate Subrata Roy has once again been provided with an AC conference room with services like Internet and video-conferencing at the Tihar prison as per a Supreme court order to complete negotiations for raising funds for his bail.
The lawyer, who threw black ink at Sahara Group chief Subrata Roy in the Supreme Court premises on Tuesday, was today sent to Tihar jail by a Delhi court after he failed to get a surety for his bail.
Roy met 3 potential buyers for an hour amid tight security.
The regulator is also expected to update its board about two high-profile corporate cases -- one involving refund of investors' money by Sahara group and the other about Reliance Industries' appeal against its decision on settlement of cases through consent mechanism.
This was due to a planned expenditure being revised
The Sahara's is a high-profile refund case involving an estimated Rs 24,000 crore (Rs 240-billion) payment to over three crore (thirty million) investors.
At the reserve price, these auctions will take the total fund raising to at least Rs 3,100 crore (Rs 31 billion).
Ending weeks of speculation, the Board of Control for Cricket in India on Saturday indicated in clear terms that Pune Warriors, owned by the Sahara Group, will play all their IPL home games this season at Pune only.
Selling anything from packaged food to home appliances, these kiosk-like shops have sales of Rs 40,000-Rs 50,000 a month in a busy locality, with 25-30 customers a day.
Following in the footsteps of Mahendra Singh Dhoni, Suresh Raina has become the second cricketer to be associated with the Hero Hockey India League (HHIL) after he was named today as the co-owner of the Uttar Pradesh Wizards franchise.
Having offered unconditional apology to SC, Subrata Roy can now try convincing apex court why he failed to appear before it
Former South African paceman Allan Donald, who was recently appointed as bowling coach of the Pune Warriors, said it will be a 'pity' if the reconciliation efforts between the BCCI and his IPL side fail.
Roy, who in compliance with the last order appeared before the court, was told by the apex court that he has to frequently make the payment as per the roadmap approved by the court or face further imprisonment.
Chief metropolitan magistrate Vinod Yadav directed the Delhi Police to execute the warrant against Roy and four other company officials by February 9.
An upset Sahara Group chief Subrata Roy lashed out at N Srinivasan on Friday and declared his company will not sponsor the Indian cricket team as long as the beleaguered Board of Control for Cricket in India president is at the helm.
Stung by Sahara's pullout as sponsor of Indian cricket team and owner of IPL franchise Pune Warriors, the BCCI on Monday took a more re-conciliatory stand towards the aggrieved corporate giant, saying it was ready to sit across the table and sort out all the matters.
Pune Warriors India are set to play their IPL home matches in Ahmedabad after deciding to move away from their original home city of Pune following a dispute with the Maharashtra Cricket Association.
He wanted 15-day relief to attend aunt's cremation.
Sahara India on Thursday unveiled an ambitious housing scheme that envisages building 675,000 houses in 202 cities at an estimated cost of Rs 83,000 crore.
Following a go-ahead from the Court, the two entities have put in place a mechanism to auction these properties.
Rajeshwar Singh, assistant director, Enforcement Directorate, who is among the officials probing the 2G spectrum scam, has asked to be excused from the probe. Sahim Salim finds out why.
Adrian Sutil could be in the frame for a return to Force India and Formula One if fellow-German Nico Hulkenberg moves to Sauber next season, according to team co-owner Vijay Mallya.
The contribution 'appeal' was made through a one-page letter signed by directors of a hitherto unknown society and 'associates' of the group. Company officials, however, disowned any connection with the appeal.
In recent months rumours have been doing the rounds that Anil Ambani is planning to takeover Newcastle, while his brother Mukesh and the Sahara group are eyeing Liverpool. On Friday, there were reports of another Indian entrepreneur planning to take over Blackburn Rovers, another English Premier League club. According to Times Online, Mumbai-based businessman Saurin Shah, has the Lancashire club in his sights because of the town's large Asian population.
As the role of the powers-that-be in the government comes under the scanner, pressure is being mounted on the two ED officers investigating the 2G case from the highest level, particularly the finance ministry.
A bench of justices K S Radhakrishnan and J S Khehar considered the application of the group seeking modification in the order in chamber.
Various corporate houses and private banks, including Aditya Birla Group, Hindustan Lever, Sahara Group, Bank of America, ANZ Grindlays, ICICI Bank, ABN Amro and HSBC
